Now that the holiday season has almost completely passed, entrepreneurs and retail business owners across the country have probably learned some serious lessons in terms of keeping their business together. The most glaringly obvious lesson can be seen in the 2016 Checkout Conversion Index. This index shows how each strategy works to improve the conversion rates that are seen at checkouts.
The newest Conversion Index has shown something rather surprising about most retailers in the country. A pattern has emerged showing that retailers are either superstars at bolstering conversions, or actively causing their conversions to falter. Here are some key facts that this massive study has revealed.
- If you want to do everything right, have the following as part of your ecommerce site: product reviews, recommendations, quick checkouts, loyalty programs, and coupons. 100% of all 30 major retailers had all these as part of their standard practices. Moreover, they also all involved free shipping.
- The top retailers in the country practiced speed. Retailers that get checkouts finished 25% faster than their local competitors had far better turnouts and conversions. This also lends credence to the idea the best terminal will be one that’s speedy.
- Top retailers also employed many of their ecommerce marketing strategies in person as well. Loyalty club cards, coupons, quick checkouts, and in-person recommendations were known for being very popular in-person as well as ecommerce.
- Moreover, around 48% of shoppers had made a decision to go shop at a retailer because of a shipping promotion they offered. So, if you have ecommerce as part of your business model, you will need to look into shipping promotions. It may actually boost your total profits.
- Meanwhile, industries that had poorly rated checkout tendencies had seen difficulty retaining customer interests. Many had seen walkouts prior to paying, with people citing, “Not worth the wait.” On the ecommerce side, it’s believe that poor checkout work may have something to do with the “empty shopping cart” dilemma many people have online.
Make no mistake about it, the terminal you choose is just as important as the products you have on your store shelves. Knowing how to get the most out of your merchant services is crucial to increasing your checkout speed, getting happier customers, and improving your ability to convert into sales. Want to get started right in the new year? Call CPS for a quick and easy consultation.